Economies of U.S. Counties Grew Unevenly in 2023; Throckmorton, TX, Leads with 125.8% GDP Rise
Los Angeles County Tops GDP Levels at $802 Billion; Lincoln County, WA, Faces Steepest Decline
Real Gross Domestic Product (GDP) increased in a majority of the U.S. counties in 2023. The economy expanded in 2,357 counties while it declined in 734 counties, and 23 counties showed little change, according to data from the U.S. Bureau of Economic Analysis (BEA).
Growth ranged from a remarkable 125.8% in Throckmorton County, TX, driven by the utility sector, to a contraction of 39.6% in Lincoln County, WA, largely attributed to challenges in agriculture.
Large Counties: Population Over 500,000
In counties with populations exceeding 500,000, GDP growth was widespread, with 142 of 147 counties experiencing increases.
• Top Performer: San Mateo County, CA, achieved the largest increase at 7.7%, buoyed by the information industry.
• Largest Decline: Nassau County, NY, saw a 1.0% decrease, with finance and insurance leading the decline.
• Range of GDP: Los Angeles County, CA, recorded the highest GDP at $802 billion, while Pasco County, FL, posted $17.7 billion.
Medium Counties: Population Between 100,000 and 500,000
Medium-sized counties showed diverse trends, with GDP rising in 428 counties, falling in 45, and remaining static in five.
• Largest Growth: Midland County, TX, posted a 32.3% increase, fueled by mining.
• Biggest Drop: Elkhart County, IN, declined by 9.3%, attributed to durable-goods manufacturing.
• GDP Range: Liberty County, TX, reported $2.5 billion, while Somerset County, NJ, reached $45.9 billion.
Small Counties: Population Under 100,000
Small counties demonstrated the broadest range of GDP changes, reflecting diverse economic conditions.
• Top Growth: Throckmorton County, TX, soared with a 125.8% increase, led by the utilities sector.
• Steepest Decline: Lincoln County, WA, dropped 39.6%, primarily due to struggles in agriculture.
• GDP Variance: Petroleum County, MT, had the smallest GDP at $17 million, while Reeves County, TX, reached $11.6 billion.
Annual Revisions and Updates
The 2023 data incorporates BEA’s annual revisions for GDP by county and metropolitan area statistics from 2019 to 2022. This update aligns with the latest national and state-level GDP and industry data released earlier in 2024. Future releases will consolidate GDP and personal income by county and metropolitan area into a single report starting December 2025, providing a more comprehensive economic overview.
Regional Statistics Completion
BEA also concluded the 2023 comprehensive update to Regional Economic Accounts by releasing GDP statistics for states covering 2005 to 2018. These updates aim to enhance the detail and accuracy of historical and regional economic trends.
